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Glacier Products Inc. is a wholesaler of rock climbing gear. The company began operations on January 1, Year 1. The following transactions relate to securities acquired by Glacier Products Inc., which has a fiscal year ending on December 31:
| Year 1 | |
| Jan. 18. | Purchased 8,300 shares of Malmo Inc. as an available-for-sale security at $42 per share, including the brokerage commission. |
| July 22. | A cash dividend of $0.55 per share was received on the Malmo stock. |
| Oct. 5. | Sold 3,700 shares of Malmo Inc. stock at $46 per share, less a brokerage commission of $45. |
| Dec. 18. | Received a regular cash dividend of $0.55 per share on Malmo Inc. stock. |
| Dec. 31 | Malmo Inc. is classified as an available-for-sale investment
and is adjusted to a fair value of $40 per share. Use the valuation allowance for available-for-sale investments account in making the adjustment. |
| Year 2 | |
| Jan. 25. | Purchased an influential interest in Helsi Co. for $610,000 by
purchasing 49,000 shares directly from the estate of the founder of Helsi Co. There are 140,000 shares of Helsi Co. stock outstanding. |
| July 16. | Received a cash dividend of $0.65 per share on Malmo Inc. stock. |
| Dec. 16. | Received a cash dividend of $0.65 per share plus an extra dividend of $0.15 per share on Malmo Inc. stock. |
| Dec. 31 | Received $18,000 of cash dividends on Helsi Co. stock. Helsi
Co. reported net income of $74,000 in Year 2. Glacier Products uses the equity method of accounting for its investment in Helsi Co. |
| Dec. 31 | Malmo Inc. is classified as an available-for-sale investment and is adjusted to a fair value of $45 per share. Use the valuation allowance for available-for-sale investments account in making the adjustment for the increase in fair value from $40 to $45 per share. |
Required:
1. Journalize the entries to record the preceding transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. In your computations, round per share amounts to two decimal places.
2. Prepare the investment-related asset and
stockholders’ equity balance sheet presentation for Glacier
Products Inc. on December 31, Year 2, assuming that the Retained
Earnings balance on December 31, Year 2, is $445,000.
In: Accounting
Question 5 Which of the following will result in the largest expense recorded for the year?
Select one:
A. $4,000 is paid in January for an asset with a useful life of five years.
B. $1,800 is paid in January for a two-year fire insurance policy.
C. $1,000 cash dividends are declared and paid.
D. $850 is paid to an attorney for legal services rendered during the current year.
Question 6 An asset purchased on January 1, 2015 for $60,000 that has an estimated life of 10 years will have a book value on December 31, 2020 of:
Select one:
A. $60,000.
B. $24,000.
C. $36,000.
D. $42,000.
Question 7 The United Shipping Co. borrowed $25,000 at 12% interest on March 1, 2018. The note is to be repaid, with interest, in six months. If United Shipping makes monthly adjusting entries, which of the following is included as part of the March 31 adjusting entry?
Select one:
A. Credit Interest Payable $250.
B. Credit Interest Expense $250.
C. Debit Prepaid Interest $250.
D. Debit Interest Receivable $250.
Question 8 As of January 31, Princess Company owes $500 to Butler Co. for equipment rented during January. If no adjustment is made for this item at January 31, how will Princess's financial statements be affected?
Select one:
A. Cash will be overstated at January 31.
B. Net income for January will be understated.
C. Owners' equity will be overstated.
D. The financial statements will be accurate since the $500 does not have to be paid yet.
Question 9 An engineering firm provided services on 12/31/2018. Payment is due in 30 days. An adjusting entry is required: Select one:
A. To record uncollected revenue.
B. To record unearned revenue.
C. To record accrued liability.
D. To record prepaid revenue.
Question 10 Which of the following accounting principles are applied to help achieve the goals of accrual accounting? Select one: A. Business entity concept and realization principle.
B. Realization principle and matching principle.
C. Matching principle and safety principle.
D. Cost principle and the accounting equation.
In: Accounting